Art in the New Economy

In case you haven't heard, America is on the cusp of a new economic era, this in spite of the previous Administration's ridiculous-in-retrospect reassurances that "the fundamentals of the economy are sound." The painful truth is that economy is in the toilet and the Mother of All Flushes is in the process of playing out. America has been living on borrowed money for too many decades, and in recent years when borrowed money simply wasn't enough, incomprehensibly insatiable Wall Street plutocrats (with assistance from our trusted politicians) legislated themselves ditties like an increase in margin buying for investment banks from 12-1 to 40-1 (each $1 you put up gets you $40 in chips), sold millions of mortgages to people who couldn't possibly afford them, used many of those worthless mortgages as collateral for speculative shenanigans, and invented arcane unregulated "derivatives" like Credit Default Swaps to trump themselves up even more mountains of imaginary money. Well, we're in the process of discovering that imaginary money can't pay bills, and now that the blush is off the flimflam, we're lapsing into a shocked state of realization that all we're worth a lot less than we thought we were.

How does this sad news shake out in artland? On the buy side, less money and tougher credit means that discretionary capital (and the ability to access capital in general) is shrinking. And as we all know, one of the great discretionary luxuries in life is art, so at the very least, selling art will likely become more challenging than it's been in recent years. That's the best possible outcome. As for less than best possible outcomes, let's just hope we don't have to live through too many of those (hint: art "investors" who attempt to sell all or part of their collections will be in for a big surprise).

You see, what's currently happening in America, and to a certain extent in the rest of the world, is that a massive revaluation (devaluation) is taking place. In other words, we're moving closer to what things are really worth rather than what people would like you to believe they're worth. For example, home prices are falling and will continue to fall until homes become affordable enough for average Americans to own. Stock prices are falling and will continue to fall until corporations come clean on their balance sheets and fairly represent the values of their assets. Decreased demand has led to oil prices falling, car prices falling, commodity prices falling, and... uh oh... art prices may not be far behind. In brief, now that all the fake wealth is being factored out of the system and cold hard cash is reasserting itself as the only sure thing, we'll all have to live more within our means, make due with less-- and here's the key-- think harder and smarter about how we spend whatever we have left over.

Yes, from this point forward, anyone who spends money on anything from eggs to art, from you and me to multinational corporations, will be looking for value in what they spend it on. Speculation is out, buying on margin is out, impulse buying is out-- the only thing that's in is what it's worth now and to what degree of certainty it will continue to be worth at least that amount in the future. What kinds of value will buyers be looking for? Excellence, quality, productivity, dedication, commitment, reputation, pride in workmanship, these sorts of things-- the values that made America great-- standards that have sadly been lost in the shuffle of our greed-is-good, hard-work-is-for-losers, every-man-for-himself, party-party-party attitude towards life.

For you artists interested in overcoming the formidable challenges ahead, this means demonstrating your art has the kinds of values buyers will be looking for, not only today, but beyond. It needs to have more going for it than simply that you've christened it art, you loved making it, or that it means something special to you. This may sound harsh, but the days of navel-gazing on obscure irrelevances, flimsy justifications, shoddy product, dabblers, overblown attitude, and "It is because I say it is" are over. Being an artist 'cuz it's cool, aimlessly gallivanting across the prairies of artland, random unfocused art-making, expressing yourself only when you feel like it and purely for the sake of self-expression-- these approaches may be fine in boom times when money burns holes in people's pockets, but not now.

Your art will have to fight for survival. You'll have to conclusively demonstrate why it's worth owning by offering tangible, intangible, theoretical, philosophical and related forms of proof (not the least of which is visual) that it embodies concepts, ideals, inspirations, and aspirations potential buyers can identify with-- or if you're not that great of a communicator, providing your dealer, agent, or gallery with that information so that they can demonstrate on your behalf-- because convincing people to let go of their money will soon become more daunting than it's been in decades, assuming it hasn't already. Why does your art deserve a place in someone's home or business? How will it enrich or enhance another person's life? In short, what's in it for the buyer? You know what's in it for you, but that's no longer enough to consummate a sale.

Art buyers will be searching for superlatives-- significance, import, consequence, enduring essence, and similar qualities that place particular works of art above and beyond the great mass of average unremarkable oeuvres out there that eternally glut the marketplace. Why? It's not necessarily because art buyers will suddenly become more sophisticated and discriminating about their choices, but rather that significant numbers of Sunday players are likely to hang up their collecting shoes, at least for the time being, and reposition their capital expenditures elsewhere. Who's going to be left? Hardcore art lovers who live, breathe, and eat fine art, and who will continue to collect no matter what (even though they're likely to cut back on acquisitions as well). And hardcore art lovers know what they're looking at. You can't cut corners with them and they're not about to settle for second-rate tripe. Let me assure you.

The bigger broader more ominous news, as if the situation isn't daunting enough already, is that people around the world, including those who buy art, increasingly perceive America (and potentially also American art) as having lost its way. We're no longer the instant automatic trailblazers we once were, and we can no longer do whatever we feel like doing whenever we feel like doing it and expect the rest of the world to fall into lockstep behind us. At worst, being American may even be trending towards a disadvantage. Face it-- our standing in the world has taken some mighty major hits of late. So you as an artist have to ask yourself some very serious questions, and then build the answers to those questions into your art, overtly or otherwise. For instance, why do American points of view, perspectives, and creative impulses continue to matter and have merit? How or what does your art contribute to the evolution and advancement of all art everywhere? How does it exemplify objectives like unity, community, forward thinking, innovation, fresh perspectives, and the greater good? How does it transcend travails, fulfill lives, or point us in new and more worthy directions? These are huge questions that not only artists, but all of us better start thinking about really fast because times are changing, attentions are shifting, the world is a very different place than it was even five years ago, and people everywhere are waiting to hear what we have to say for ourselves.

The upshot? You as an artist have to dedicate yourself to creating the absolute best art you can possibly create. You've got to look beyond yourself, think seriously about what you want to communicate and about how you intend to effectively get those points across, however arcane or concrete they may be. Work hard, work daily, be productive, embrace quality, and commit yourself to prevailing as an artist regardless of the adversity of the circumstances. By approaching your discipline with consummate dedication and seriousness, you maximize your chances for success. It's that simple and no more complicated.

Art will always have value and it will always express the most elevated and progressive aesthetics, tendencies, and ideals to which human beings can aspire. Art is timeless; it represents the future-- it always has and it always will. It represents talent, brilliance, genius, vision, and the materialization of hope, faith, and the courage of conviction. It represents solace and beauty-- an oasis where people can escape from the stresses and pressures of daily life. No matter what happens out there, great art has the power to reenergize, to reinvigorate, and even to heal. Ultimately and above all, it offers the promise that at some point in the not-to-distant future, everything will be well once again and that with the passage of time, we will unquestionably recover what we only temporarily have misplaced.

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